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Here are three things retirees will likely save money on in 2025,since Trump won the election.
Currently, the program includes a $2,000 cap on out-of-pocket Part D drug costs.
However, these savings could be affected by potential policy modifications under a future Trump administration, Tropper said.
Kluz also said growing access to Medicare Advantage plans with competing price points may bring down cost coverage options.
Social Security
Social Security could be a mixed bag for retirees in 2025.
However, it will add about $50 per month to the average Social Security check.
Currently, lower-income retirees dont pay Social Security taxes.
In 2025, 48 states will not tax Social Security benefits.
Therefore, retirees living in those states could see Social Security tax cuts at thefederal and state levelsnext year.
However, analysts said that tax breaks for some retirees could come with costs.
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